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EBay net dips 3 pct, outlook unchanged; stock down
YAHOO
Reuters - Web auctioneer EBay Inc.
on Wednesday posted a 3 percent drop in quarterly net profit
after accounting for stock compensation costs and stuck to a
2006 revenue forecast at the low end of Wall Street's targets.
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Enron's Skilling defends stock sale
YAHOO
Reuters - Former Enron CEO Jeffrey Skilling on
Monday defended his sale of millions of dollars in Enron stock,
and said he had no idea the company had launched an internal
probe into accounting issues.
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Tyco To Pay $50 Million To Settle SEC Fraud Charges
AHN
Tyco International Ltd., will pay $50 million to settle accounting fraud charges, U.S. authorities said on Monday.
The penalty stems from an accounting problem in which Tyco overstated an alleged $1 billion in it's results...
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Zale Says SEC Is Examining Its Accounting
YAHOO
AP - Jewelry retailer Zale Corp. said Monday the Securities and Exchange Commission has started a probe into its accounting, executive pay and other matters.
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Zale announces SEC investigation into accounting
YAHOO
Reuters - Zale Corp. , a jewelry retailer,
said on Monday that the Securities and Exchange Commission
initiated a non-public investigation related to accounting and
other matters.
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UnitedHealth says outlook not changed by SEC talks
YAHOO
Reuters - UnitedHealth Group Inc. on
Friday said it finished discussions with the U.S. Securities
and Exchange Commission over its accounting related to a
Medicare contract, and the talks had no impact on its
first-quarter financial outlook.
Sources: YAHOO
Easter Profits For British Airways
AHN
Shaveta Bansal - AHN Contributor
London, England (AHN)- Though market conditions remain unchanged, British Airways, Europe's third-largest airline, reported a 1.8 percent year-on-year increase in passenger traffic this Easter Season.
Accounting for load factor, which measures how efficiently...
Sources: AHN
Merrill to take $1.2 billion first quarter charge
YAHOO
Reuters - Merrill Lynch & Co. said on
Monday it will take a $1.2 billion first-quarter charge, $850
million more than it had expected, as it switches to new
accounting rules for employee stock compensation and modifies
existing stock awards.
Sources: YAHOO
Merrill to take $1.2 billion first quarter charge
YAHOO
Reuters - Merrill Lynch & Co. said on
Monday it will take a $1.2 billion first-quarter charge, $850
million more than it had expected, as it switches to new
accounting rules for employee stock compensation.
Sources: YAHOO
Freddie sees lower 2005 income
YAHOO
Reuters - Freddie Mac, still recovering from a
2003 accounting scandal, on Friday said an estimate of the
capital it held at year-end implied 2005 net income of $2.5
billion, down nearly 11 percent from 2004.
Sources: YAHOO
GMAC to restate results due to accounting errors
YAHOO
Reuters - General Motors Acceptance Corp., the
finance arm of General Motors Corp. , on Tuesday said it
has misclassified cash outflows related to mortgage loan
originations and purchases.
Sources: YAHOO
CSK Auto delays report over accounting errors
YAHOO
Reuters - Auto parts retailer CSK Auto Corp.
said on Monday it is postponing release of its
fourth-quarter and fiscal 2005 financial results to review
accounting errors discovered in an internal audit, sending its
stock down as much as 9 percent.
Sources: YAHOO
Freddie Mac says CFO resigns
YAHOO
Reuters - Freddie Mac , the
second-largest U.S. mortgage funding company which is still
recovering from an accounting scandal, said on Wednesday that
Chief Financial Officer Martin Baumann has resigned.
Sources: YAHOO
GM loss hits credibility of management
YAHOO
Reuters - General Motors Corp. disclosure
of accounting errors and an additional $2 billion loss for 2005
on Friday deepened Wall Street doubts about the company's
management and renewed questions about the automaker's
long-term survival.
Sources: YAHOO
Fannie Mae Announces Accounting Errors
AHN
Ayinde O. Chase - AHN Staff Writer
Miami, FL (AHN) - Mortgage giant Fannie Mae announced on Monday it found huge errors, after being ordered by federal regulators to rework its accounting.
Fannie Mae, sponsored by the government, finances one of every five home loans in the United States.
The...
Sources: AHN
Fannie finds new accounting errors, delays results
YAHOO
Reuters - Fannie Mae, whose accounting
problems will likely lead to an $11 billion profit restatement,
on Monday said it has found more errors related to some
investment securities, loans and mortgage-backed securities
trusts.
Sources: YAHOO
Blockbuster to restate results
YAHOO
Reuters - Blockbuster Inc , the nation's
No. 1 video rental chain, on Thursday said it will restate
financial results back through 2003 due to accounting practices
related to its rental library, but its shares rose as it
reported a higher quarterly profit.
Sources: YAHOO
Ex-Ahold management goes on trial over accounting scandal
YAHOO
AFP - The former management of Dutch retail giant Ahold will appear in court Monday for the accounting scandal that brought Ahold, then the world's second-largest retailer, to the brink of bankruptcy.
Sources: YAHOO
Analyst report spooked Enron execs: witness
YAHOO
Reuters - Enron Corp.'s top managers fretted over
a damning 2001 analyst report, fearful that Wall Street had
uncovered its accounting tricks, a former executive testified
on Thursday at the trial of former CEOs Jeffrey Skilling and
Ken Lay.
Sources: YAHOO
Liz Claiborne posts lower fourth-quarter results
YAHOO
Reuters - Liz Claiborne Inc on Wednesday
said fourth-quarter profit fell as the apparel maker took a
charge related to accounting for stock options.
Sources: YAHOO
Enron played "fast and loose" with rules: witness
YAHOO
Reuters - Enron Corp. played "fast and loose"
with the rules and accounting tricks were "standard operating
procedure," a former top executive testified on Tuesday at the
trial of former CEOs Ken Lay and Jeffrey Skilling.
Sources: YAHOO
Overstock to restate financial filings
YAHOO
Reuters - Online retailer Overstock.com Inc.
said on Tuesday it would restate financial statements
dating back to 2002, citing an error related to accounting for
freight costs, which will cut the net loss reported for the
annual periods.
Sources: YAHOO
Enron tapped cash reserves for profits: witness
YAHOO
Reuters - Enron Corp. illicitly tapped into cash
reserves to inflate earnings demanded by former CEO Jeff
Skilling to impress Wall Street, a former top accountant said
on Monday at the trial of Skilling and ex-CEO Ken Lay.
Sources: YAHOO
Fannie problems already disclosed: Rudman report
YAHOO
Reuters - Fannie Mae's principal accounting
errors in a multibillion-dollar scandal have already been
disclosed, and no member of current management knowingly
participated in improper behavior, the company's internal
review showed on Thursday.
Sources: YAHOO
HealthSouth settles class-action case for $445 mln
YAHOO
Reuters - HealthSouth Corp. , a
provider of rehabilitation services, on Thursday said it has
agreed to settle a federal class-action lawsuit over its
accounting for at least $445 million.
Sources: YAHOO
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